In a large mixing bowl, combine the dry ingredients. In a separate, medium mixing bowl, combine the egg, whole milk, and peanut butter. Whisk together the wet ingredients until combined (it's ok if there are still some grains of peanut butter).
Pour the wet ingredients over the dry ingredients and mix until just combined.
Add the shortening or oil to a skillet and bring to 275° F. Spoon roughly one-fifth of the batter into the pan, into a roughly 4-inch pancake. Cook for about 2 minutes until bubbles form around the edges and the pancakes look dry and airy. Use a thin spatula to gently lift it and flip over to the other side. Cook for 2 to 2 1/2 minutes, until cooked through and golden-brown. Repeat with the rest of the batter and serve warm.